Askari Bank

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IMPORT

  • Opening the letter of credit
  • For issuing the L/C bank requires sufficient funds in the account of importer.
  • Scrutinize the documents receive from flowing bank under letter of credit. Account to UCP 500 and extending the credit facility to the importer informs FIM (finance against imported merchandise) FATR (finance against trust receipt).
  • Arrange forward cover booking regarding import payments
  • Also arrange forward cover booking for letter of credit open other then ACBL
  • Submission of monthly returns to SBP regarding the import on form I 

CREDIT DEPARTMENT

Credit department deals with the extension of advances to individuals, companies etc. basic function of credit department is to extend advances by checking carefully all the documents, securities necessary for fulfilling the requirements which are necessary, for extending advances. Incharge of the department is Mr. Shaukat Babar.

Types of Advances.

i)    funded advances
ii)    non funded advances
 

Funded Advances
 Funded advances are those advances in which funds of banks are involved.

Term Finance.

Main features of term finance are

  • It is for proper time period. May be of one year, two year, and three year. House building finance is including in term finance.
  • Account will be debited only once adjustments are possible further but account will be debited only once.

 

Secured Finance.
Financing against Govt. securities i.e. price bonds, defense saving certificate.

Documents Required.
L/C, demand promissory note, L/G.

Clean Finance.
These funds are extended against personal guarantee for salaries people.

Documents Required.
LC of Govt. salaries personal, letter of guarantee.

Revolving Facilities.
Proper limit is facility is called summing.

Types of Revolving Facility.
i)    Running finance
ii)    Cash finance.

Running Finance. 
It is extended the business community and Govt. enterprises.

Cash Finance. 
Cash finance against tangible securities.


Non Funded Advances.
Non funded advances in which bank funds are not involved e.g. L/C, L/G.
 

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